FEATURED: SPENN launches free digital payment for YEGO users

Since the start of the COVID-19 pandemic, demand for cashless payment solutions has increased dramatically, it is in this context that I&M Bank (Rwanda) Plc. and SPENN have launched a new partnership with YEGO allowing all SPENN users to digitally pay and receive fares for YEGO taxi cabs and motos at zero cost. The partnership move is in line with supporting Rwanda’s mission to go cashless by enabling easy, quick and free payments of YEGO services. According to Norbert Haguma, the country manager of SPENN Rwanda, there are over 280,000 SPENN users and the number will keep increasing as the cost-free digital payment reaches YEGO Taxis and motos users. “Taxi motos are the most convenient mode of transport to many Rwandans and by enabling SPENN as a method of payment, SPENN users are given the ability to transact safely without paying extra fees,” he said. Our unique approach is that we don’t charge a commission, added Haguma. We don’t charge any fee for sending or receiving money, and we don’t charge any fee for our offline merchants or online companies to accept payments from SPENN users. By downloading the cost-free SPENN application, everyone can access financial services as users do not need to have a bank account to register. SPENN is a Norwegian Fintech company that started operations in Rwanda two years ago, launching a mobile banking app that has so far recorded 12 billion transactions, while YEGO is an ICT company based in Kigali that has designed and developed a game-changing mobility platform for developing economies. SPENN provides services such as savings, money transfers, airtime purchases, bills payment, payments in stores and deposit or cash out at any of its 4000 agents, or any I&M Bank branch in Rwanda, and now paying for YEGO taxis and motos at zero fees. The partnership with YEGO begins right after SPENN has launched a savings account which is completely cost-free, has no minimum deposit requirements, pays 4% annual interest and gives users the freedom to withdraw and deposit funds anytime, anywhere. “There is a saving scheme and we will also set up loan scheme that can provide loans based on savings, salary and others,” he said adding more products such as insurance, tickets bookings and others will be introduced. Commenting on the launch, I&M Bank (Rwanda) CEO, Robin Bairstow, said, “SPENN’s partnership with YEGO will offer convenience to customers, whilst saving time and hassle through safe and convenient transactions that can be conducted on-the-go. The Bank will continue to ensure most services are availed on the SPENN application, with the aim of creating seamless customer service experience.” For YEGO’s part, they had been looking for cashless payment that is cost-free, according to Karanvir Singh, The CEO and Managing Director of YEGO “We settled on the partnership because it is free for us and customers. Over 20,000 moto riders will be able to save and access to finance while in line with the cashless economy initiative. There will be more innovations,” he said. Other cashless payment solutions Yego has been using prior to partnering with SPENN, have been costing YEGO, its platform drivers and clients a lot of money, due to the charges applied by Telecoms mobile wallets. The President of FERWACOTAMO, a federation of motorcycle cooperatives; Daniel Ngarambe said the application is timely since motor riders need cashless payment at free-cost. Veneranda Mukamurera in charge of transport licensing at RURA said that targeting over 20,000 registered moto riders is a big opportunity to help the government achieve a cashless economy by 2024. Additionally, SPENN is planning to launch in the near future, new services for its users to be able to pay for water bills, Canal+, DSTV, taxes, and furthermore SPENN users will soon have access to a push & pull function While an individual can download and create a saving account on SPENN App, he said that there are also over 4,000 SPENN agents and I&M Bank (Rwanda) Plc Staff across the country that can facilitate people in creating accounts and topping up.

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FEATURED: SPENN launches free digital payment for YEGO users